As such, any attempt to remove someone from that financing agreement must be approved of by the financier.

The seller has had a buyer approach him numerous times attempting to buy everything but he continues to decline all offers.

@Kenneth Hayes  undoutably 250k with no collateral is simply massive credit card debt. tread carefully on htat one

When you are buying, you cannot simply trust information you get from a seller - you must verify. 2.

I'm a new agent and am simply excited about where I am.

I typically plan to appeal for at least two years in an attempt to keep it "fair'.You should also expect the taxes to go up every year as Rockford has a history showing the inability to maintain a budget.

Those attempting to sell without any warranty should be avoided!

A great starting point would be simply to ask a RE agent. 

Simply make a correction on it, initial it, sign it.

An election can be made to move the $5k and the associated interest over to Sch A so you won't "lose" the decision in that manner.But if you can't find a way to apply the capital in a feasible manner, don't make a hasty decision simply for a $225 write off.